{"id":35045,"date":"2016-10-19T14:57:45","date_gmt":"2016-10-19T03:57:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35045"},"modified":"2016-10-25T20:36:41","modified_gmt":"2016-10-25T09:36:41","slug":"revised-lif-regulations-released-for-feedback","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/10\/19\/revised-lif-regulations-released-for-feedback\/","title":{"rendered":"Revised LIF Regulations Released for Feedback"},"content":{"rendered":"

The Federal Government has released the regulations which will give effect to some aspects of the Life Insurance Framework legislation, providing a two and half week window for further industry consultation and feedback.<\/p>\n

\"Minister<\/a>
Minister for Revenue and Financial Services, Kelly O’Dwyer<\/figcaption><\/figure>\n

The regulations were released by the Minister for Revenue and Financial Services, Kelly O’Dwyer<\/strong> and follow the introduction of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 into Parliament on 12 October.<\/p>\n

The regulations do not add or change anything substantive in the legislation, such as remuneration amounts and clawback periods, but do give effect to the revised timeframes for the start of the new regime which were announced on 3 October<\/a>.<\/p>\n

They also give effect to the removal of grandfathering for employed advisers and the inclusion of direct insurance under the legislation which O\u2019Dwyer has already flagged in November 2015<\/a>\u00a0and on a number of subsequent occasions<\/a>.<\/p>\n

“…the revised regulations enable the reforms to apply to both advised and direct sales of life risk insurance products…”<\/h6>\n

O\u2019Dwyer said the revised regulations are the result of ongoing consultation with industry stakeholders and create \u201ca level playing field by applying the new requirements equally to all advisers regardless of employment arrangements\u201d.<\/p>\n

\u201cIn addition, the revised regulations enable the reforms to apply to both advised and direct sales of life risk insurance products. This maintains the integrity of the reforms by ensuring they apply equally regardless of distribution channel,\u201d O\u2019Dwyer said.<\/p>\n

The Association of Financial Advisers (AFA) welcomed the draft regulations and said they were reflective of its discussions with Government to produce a fairer and consistent outcome for all advisers.<\/p>\n

\u201cThe AFA has been leading discussions with Government on these amendments and we are pleased to see them being incorporated into the updated regulations supporting the Bill,\u201d AFA Chief Executive, Brad Fox<\/strong> said.<\/p>\n

\u201cThe Government has listened to our concerns, especially for self-employed advisers, and we are pleased to see greater fairness in both the timing and application of the regulations supporting the Bill on Life Insurance,\u201d Fox added.<\/p>\n

\u201cNegotiations with Government and industry have been robust, and the AFA has achieved significant improvements relative to an otherwise level commission outcome.\u201d<\/p>\n

Submissions on the regulations close on 4 November 2016 and can be made here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Government has released the regulations which will give effect to some aspects of the Life Insurance Framework legislation, providing a two and half week window for further industry consultation and feedback.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,4,270,5],"tags":[],"class_list":["post-35045","post","type-post","status-publish","format-standard","category-compliance-regulation","category-products","category-remuneration","category-services"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=35045"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35045\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}